if the progressive left really wanted to moderate income and wealth inequality, the answer is the same: end the Fed. The Cantillon effects of inflation may be summarized in progressive terms as “the rich get richer while the poor get poorer.” The fact that progressives turn a blind eye to the Fed reveals either economic ignorance or political deceit. Maybe they don’t understand the economic effects of inflation. If they do, then their whole program is an evil scheme to help themselves and their cronies get rich at the expense of the classes they purport to champion.
By: Jonathan Newman